The Bulgarian Registry Agency is a result of the effort of the Bulgarian authorities to simplify and centralize the company formation procedures. The Agency is subordinated to the Minister of Justice in Sofia and provides services under the Law of Cadastre and Property Register.
One of the institutions functioning through the Agency is the Bulgarian Trade Register. It consists of specialized administration and general administration. In simple words, the institution is an electronic database with information regarding each trader and branch of a local or foreign trader registered in Bulgaria. Among the functions of the Trade Register, there are registrations of all legal entities, organizations, branches of foreign entities, traders, sole proprietorships and more.
Everyone interested in registering a company in Bulgaria and in other countries, such as Italy, Seychelles or Canada or starting a business in the Netherlands is able to save time with the registration process, as the informational system allows applications to be downloaded and sent electronically. There is also the possibility to register at the office of the Trade Register.
Information related to significant changes regarding a company must be communicated to the Register. The institution holds information like capital issues, replacement of managers or shareholders and a new office. They are taken into consideration by a judge that approves them or, under some circumstances, may request additional information.
Once a company is registered, the Bulgarian Trade Register sends official information to the rest of the institutions of interest for the functioning of the company, like the National Social Security Institute or the National Revenue Agency. All trades and branches of national or foreign traders entered in the Trade Register receive a unified identification code.
The Bulgarian Trade Register holds information about all types of companies, including the ones in insolvency or liquidation. Upon request, the institution is obliged by the law to offer official information and authenticated copies of requested documents. The same is in other countries, like as Finland, Estonia, Bulgaria and Georgia, where you can open a company.
The registration at the Trade Register is mandatory for foreign persons engaged in commercial activities in Bulgaria. The website of the institution provides data about foreign merchants. Upon the information in the database, certificates can be released by the Trade Register regarding the status and financial situation of the companies. The database is frequently updated, to provide a clear and proper status of the commercial entities that activate in Bulgaria.
For more details about the Trade Register, you may contact our company formation agents in Bulgaria.